MEMPHIS—Once known as the Elvis Ranch after music legend Elvis Presley, the famed Circle G Ranch has a new owner. Direct private lender Kennedy Funding Financial just closed a $2.3 million loan by HL3 Lender to HL3. The borrower is acquiring the historic property for $3.65 million.
Located in DeSoto County near Memphis, The Circle G Ranch was named as a tribute to Elvis’ mother, Gladys. Kennedy closed a three-year, interest-only loan secured by a first lien on the 240-acre property in Horn Lake, MS.
Elvis originally purchased the ranch in 1967 for $300,000. It served as a frequent getaway spot for the pop star. It was also the scene of Presley’s honeymoon with his bride, Priscilla. His Graceland estate is only 10 miles away, drawing Elvis fans to the ranch.
“It was during his ownership of this property that Elvis became truly famous in popular culture,” Kevin Wolfer, president and CEO of the Englewood Cliffs, NJ-based Kennedy, tells GlobeSt.com. “The new owner will have a number of options for preserving and making the best possible use of this extraordinary property.”
Two hundred thirty-two of the ranch’s 240 acres are usable. Existing facilities include a 5,028-square-foot personal residence, a honeymoon cottage, a 3,000-square-foot restaurant, and four wood-framed barns Elvis purportedly used to house animals at Circle G. The Circle G Foundation has proposed the ranch be used as a center for the disabled and disadvantaged, but it is cleared for a variety of cultural and sporting activities.
“The well-located Circle G Ranch has considerable up-side potential,” says Wolfer. “Much of its on-site facilities are in need of repair, and the intention is to implement those upgrades to preserve its historical significance and its adaptive reuse. Its location near Memphis makes it a natural for music-related cultural events, for example.”